New Medical Insurance Policy for Bank Employees, Check main points of Policy

The current policy is set to expire on September 30, 2024, or October 31, 2024. The matter of its renewal has been addressed by AIBEA and UFBU with the IBA. After several rounds of discussions, the UFBU and IBA finalized and signed the minutes on July 2, 2024.

Key Points from the Minutes on New Insurance Policy

1. Unified Insurance Policy: The new policy will cover both in-service staff and retirees, replacing the existing separate policies.
2. Policy Commencement: The policy starts on November 1, 2024, with the current policy extended until October 31, 2024, and banks paying the pro-rata premium.
3. Definition of Family: Remains the same for both serving and retired employees as per the BP settlement.
4. Domiciliary Benefits: Continue for serving employees and families; retirees will not have domiciliary benefits.
5. Updating Dependents: Employees can update dependents due to birth, marriage, or death, with substitutions required before the policy year begins.
6. Critical Illness Benefits: Rs. 1 lakh benefit, as per the BP settlement of May 25, 2015, will continue.
7. Corporate Buffer: The Rs. 100 crore corporate buffer for serving employees continues under the same terms.
8. TPA Committee: A committee will oversee TPA selection, monitor performance, and recommend delisting of hospitals based on feedback.
9. Uniform Premium: The new policy will have the same premium rate for retirees.
10. Coverage Limits: Rs. 3 lakh for clerical/substaff retirees and Rs. 4 lakh for officer retirees.
11. Top-Up Options: Available for an additional premium.
12. Opportunity for Retirees: Retirees not currently covered will have a one-time chance to join the policy for the 2024-25 year.
13. Policy Commencement Decision: The Chief Executive of IBA will make the final decision on the policy start date after consulting with the current insurer.
14. Bid Evaluation for L1:
    a. Bids will be based on the number of subscribers and may vary.
    b. Quotes for non-domiciliary coverage with specified sum assured amounts will be requested.
    c. Separate quotes for domiciliary benefits, critical illness ex gratia, and corporate buffer.
    d. The total of these quotes will determine the L1 bidder.
    e. Options for various top-ups must be offered, but these quotes will not affect the L1 bid determination.